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                                       City of Muskegon
                                        Fiduciary Funds

         STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS

                               Year Ended December 31, 2002

                                                                        Pension
                                                                          Trust
Additions
   Contributions                                                   
      Member                                                                       735,940
                                                                  $            
      City                                                                      1,121,115
                                                                             
   Total contributions                                                          1,857,055
                                                                             
   Net investment income                                           
      Interest and dividends                                                        76,053
                                                                                  
      Net increase (decrease) in fair value
       of investments                                                     (2,453,088)
                                                                            
Total additions                                                                  (519,980)
                                                                               

Deductions
   Benefit payments                                                             4,244,137
                                                                             
   Refunds of contributions                                                        636,204
                                                                                
   Administrative expenses                                                         167,373
                                                                                
   Operating transfers out                                                      1,206,722
                                                                             
Total deductions                                                                6,254,436
                                                                             

   Net increase (decrease)                                                (6,774,416)
                                                                            

Net assets at beginning of year                                           80,153,071
                                                                           

Net assets at end of year                                                 73,378,655
                                                                  $       
 

















The accompanying notes are an integral part of this statement.



The accompanying notes are an integral part of this statement.